Fiex Md on Cash $16,450 Accounts payable 8.230 Unearned royalty fees 5.000 Selling expenses 45,000 Dividends declared. 3.500 Interest payable . 6.000 Administrative expenses 25,000 Accumulated depreciation-Buildings 56.000 Cost of goods sold 135.000 Depreciation expense. 14,000 Common shares 250.000 Retained earnings. 55.720 Motor revenues. 325,000 Buildings 450.000 Accounts receivable. 17.000 Required: (a) Prepare an income statement for the month ending March 31, 2010. Ignore income taxes. (b) Prepare a statement of retained earnings for the month ending March 31, 2010. (C) Prepare a balance sheet as at March 31, 2010.

Fiex Md on Cash $16,450 Accounts payable 8.230 Unearned royalty fees 5.000 Selling expenses 45,000 Dividends declared. 3.500 Interest payable . 6.000 Administrative expenses 25,000 Accumulated depreciation-Buildings 56.000 Cost of goods sold 135.000 Depreciation expense. 14,000 Common shares 250.000 Retained earnings. 55.720 Motor revenues. 325,000 Buildings 450.000 Accounts receivable. 17.000 Required: (a) Prepare an income statement for the month ending March 31, 2010. Ignore income taxes. (b) Prepare a statement of retained earnings for the month ending March 31, 2010. (C) Prepare a balance sheet as at March 31, 2010.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The owner of a bicycle repair shop forecasts revenues of $220,000 a year. Variable costs will be $65,000, and rental costs for the shop are $45,000 a year. Depreciation on the repair tools will be $25,000. a. Prepare an income statement for the shop based on these estimates. The tax rate is 20%. Depreciation Pretax profit INCOME STATEMENT 0 $ 0 b. Calculate the operating cash flow for the repair shop using the three methods given below. i. Dollars in minus dollars out. ii. Adjusted accounting profits. iii. Add back depreciation tax shield. Methods of Calculation i. Dollars in Minus Dollars Out ii. Adjusted Accounting profits iii. Add back depreciation tax shield Operating Cash Flow
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